By CCN: Another cryptocurrency scam, same fraudster. Police in India’s city of Surat have implicated infamous BitConnect promoter Divyesh Darji in yet another cryptocurrency scam. According to The Times of India, Darji was involved in promoting a cryptocurrency known as Regal Coin to investors by promising them astronomical returns. Darji who was arrested last year in August for his role in the BitConnect scam has been facing trial. However, he is currently on the run after being released on bail. Per India’s Crime Investigation Department (CID), Darji promised investors returns of up to 5,000 percent if they put their money in Regal Coin. Specifically, Darji promoted the cryptocurrency as a superior investment compared to Bitcoin as payouts would start within 99 days. Investors would also earn extra money from recruiting other investors,

according to the CID:

Darji had told his investors that they needed to stay invested just for 99 days. He also promised to pay them returns on their principal according to profits on robotic trading, besides 1% to 1.6% referral bonuses every 11 days.

Prolific fraudster: two more crypto scams since bitconnect

It is understood that Darji was working in concert with some family members as well as aides. The daughter, Purohit, has been arrested. Some of the victims who have filed police reports lost between Rs 10.50 lakh ($15,000) and Rs 17.50 lakh ($25,000). Besides BitConnect and now Regal Coin, Darji has also been implicated in another cryptocurrency scam involving the Dekado coin. This emerged after a victim who lost Rs 48 lakh (approximately $70,000) filed a report with the police in January. Darji implicated in yet another scam | Source: TwitterThe Dekado coin scam promised investors returns of between 42 – 72 percent within a period of six months. And just like with other cryptocurrency scams Darji has been involved in, recruiters were also awarded referral bonuses.